City: Riverfront Park 50-Year Lease Proposal Delayed

By on December 19, 2018 in WNDB News

Daytona Beach, FL – As of this morning, it was on the agenda for tonight’s (December 19th) City Commission meeting.

Now we’re getting word that a new foundation focused on a major overhaul for a downtown park won’t be discussed this evening at Daytona Beach City Hall as planned.

City spokesperson Susan Cerbone says more work is needed before a 50-year-lease is approved by Daytona Beach and the Brown Riverfront Esplanade Foundation, Inc.

“Commissioners want to discuss details of the lease at a workshop before taking an official vote,” Cerbone added.

A date for the workshop hasn’t been scheduled at this time. We’ll pass along the workshop date once we get it.

Should city commissioners give their approval, Riverfront Park’s operations and maintenance will be turned over to that non-profit foundation, which will be overseen by Hyatt and Cici Brown, the couple behind Daytona Beach-based insurance giant Brown & Brown.

That foundation will be responsible for investing at least $15 million into Riverfront Park, the same amount the couple pledged to the city last July. In return, the city will lease the park to the foundation until September 31, 2068.

According to the proposed resolution, Daytona Beach will reimburse the foundation up to $800,000 yearly for the park’s operating costs.

Riverfront Park is located next to Brown & Brown’s future headquarters on Beach Street, just north of the News-Journal Center. That $30 million, 10-story building is currently under construction.

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